Biden proposes minimum corporate tax rate to fund $1 trillion infrastructure spending

President Joe Biden on Wednesday proposed an infrastructure package worth $1 trillion in new spending that would be funded without raising the corporate tax rate.

President Joe Biden proposed an infrastructure package worth $1 trillion in new spending that would be funded without raising the corporate tax rate during a meeting Wednesday with the top Republican negotiator on the package. The new pitch aims to avoid Republican scorn by sidestepping the president's previously proposed corporate tax rate hike. It would instead implement a minimum corporate tax rate of 15%, aimed at some of the most profitable corporations in the country. The proposal marks a concession on the overall cost of the bill from Biden, whose last pitch was worth $700 billion more. But Biden has not won over Republicans with this modified tax proposal, a GOP source familiar with negotiations told ABC News.